SALT LAKE CITY (AP) _ Extra Space Storage Inc. (EXR) on Tuesday reported a key measure of profitability in its third quarter. The results met Wall Street expectations.
The real estate investment trust, based in Salt Lake City, said it had funds from operations of $171.8 million, or $1.24 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.24 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $108.1 million, or 83 cents per share.
The self-storage facility real estate investment trust posted revenue of $337.5 million in the period, topping Street forecasts. Four analysts surveyed by Zacks expected $332.7 million.
Extra Space Storage expects full-year funds from operations in the range of $4.84 to $4.87 per share.
The company's shares have climbed 25% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $112.67, a rise of 24% in the last 12 months.